Are the prices still going up?


"Are the sale prices still going up?"

That's the most popular question lately.

Below is a overall view of single family detached homes from Feb 2020 to Feb 2021.

The blue graph lines are the median sale prices for each month.

The yellow graph lines are the number of new listings for each month.

As you can see the sale prices are holding on strong. Some neighborhoods are still on fire depending on the school district, age of home, size/design of home, etc.

What's interesting is that the number of new listings has continued to steadily drop over the last several months.

This is the reason for multiple offers and sale prices above the list price- Buyer options are very limited.

Maybe the potential sellers are nervous to let people in their home due to fears of illness?

Maybe the potential sellers are waiting for a spring market?

Maybe it's both. Maybe it's something else.

But, whatever the reason, the current sellers are benefiting in a big way.

Consider this: Forbearance will eventually end and when it does it would be a safe assumption that the number of homes for sale will increase dramatically which will most likely cause sale prices to drop.

What's that saying? Strike while the iron is hot.

For those in forbearance I would talk to a Realtor about selling before forbearance ends (if that is your plan).

If selling your home is not something that you want to do here are your options: https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/mortgage-forbearance-during-covid-19-what-know-what-do/

Best of luck to you. All the good vibes headed your way.








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